ASIC extends reporting deadlines of 30 June 2020 financial statements by one month

Due to disruptions from COVID-19, ASIC announced in its Media Release MR20-113 (13 May 2020) that it will extend the deadline for both listed and unlisted entities to lodge financial reports under Chapters 2M and 7 of the Corporations Act (the Act) by one month for reporting dates up to and including 7 July 2020 (where the reporting deadline has not already passed). However, where possible, entities should continue to lodge within the normal statutory deadlines. The relief will not apply to registered foreign companies.

Listed entities will be required to inform the market when they rely on the extended period for lodgement, but there will be no extension to reporting time frames for lodging the Appendix 4E with the ASX. That is, entities that have not finalised their audited financial statements within the 2-month time frame for the Appendix 4E to be filed with the ASX will need to include unaudited financial statements, with the audited financial statements being lodged with ASIC within 4 months of the year-end.

The Media Release also notes that public companies taking advantage of ASIC’s ‘no action’ position on holding of Annual General Meetings two months later (i.e. within 7 months of reporting date instead of 5) should refrain from holding AGMs in the peak holiday period in late December 2020 and early January 2021.

For reporting periods ending after 7 July 2020, ASIC will continue to monitor how market conditions and COVID-19 developments are affecting financial reporting and AGM obligations for balance dates after 7 July 2020.